Tag: CBN - Page 2 - African News Today

CBN’s Naira Redesign Political – Obaseki

3Nov

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

CBN’s Naira Redesign Political – Obaseki

Governor Godwin Obaseki of Edo State has dismissed the proposed plot by the Central Bank of Nigeria, CBN, to redesign naira notes as political. Obaseki described the move as a plan by the ruling All Progressives Congress, APC, to woo voters ahead of the 2023 general elections in Nigeria. This was contained in a statement issued by Crusoe Osagie, the governor’s media aide, while commissioning the Edo State Peoples Democratic Party, PDP, Women Campaign Council at the Presidential Campaign Secretariat in Benin City. Obaseki lampooned the Federal Government for the plan, noting that the redesign of the naira should not be the focus at this point as Nigerians are suffering from hunger, poverty, and economic hardship. See Also: FG Set To Create 21 Million Jobs By 2025 He said...

Strategic Capital Investment Limited Buys Polaris Bank For N50 Billion

21Oct

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

Strategic Capital Investment Limited Buys Polaris Bank For N50 Billion

The Central Bank of Nigeria, CBN, and the Asset Management Company of Nigeria, AMCON, have announced the sale of Polaris Bank to Strategic Capital Investment Limited, SCIL. SCIL acquired 100 percent of the equity in the bank. CBN The House of Representatives ratified the acquisition on Wednesday, stating that the purchase was in accordance with stipulated procedure and the needed presidential approval. Osita Nwanisobi, the Director of Corporate Communications Department at the CBN, in a statement issued on behalf of the apex bank and AMCON stated that “SCIL had paid an upfront consideration of N50 billion to acquire 100 percent of the equity of Polaris Bank and had also accepted the terms of the agreement which includes the full repayment of the sum of N1.305 trillion, ...

CBN releases $265m to Airlines to Stop Suspension Of Flights

27Aug

By Osaretin BalogbanNo Comments

Aviation, News, Nigeria

CBN releases $265m to Airlines to Stop Suspension Of Flights

The Central Bank of Nigeria (CBN) released a sum of $265milion to foreign airlines to curb the issues concerning the non-repatriations of funds from ticket sales. The CBN confirmed that the funds released were to enable airlines that had threatened to suspend Nigerian flights over non-repatriation of its funds from ticket sales to continue their services. See Also: Emirates to Suspend Nigerian Flights Over Non-Repatriation of Funds from Ticket Sales Confirming the release, in a statement, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi said: “The Governor, Godwin Emefiele, and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations”. “The CBN is not aga...

30Jul

By Kosi UchennaNo Comments

Finance, News, Nigeria

How To Save Naira – CBN

The Central Bank of Nigeria, CBN, has urged Nigerians to avoid rumours in the foreign exchange market to ensure the naira does not dip further. This was said by the CBN corporate communications director, Osita Nwanisobi, in a statement issued on Friday. The statement follows the raiding of Wuse Zone 4, Abuja by operatives of the Economic and FInancia Crimes Commission, EFCC, over alleged mopping up of foreign currencies by some Bereaux De Change, BDC, operators. Reports say the raid was in an attempt to “dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.” The naira recently dipped to around N7070 per dollar from about N580 at the parallel market. According to Nwanisobi, the dip was occasioned by “speculative tendencies...

26May

By Obiajulu Joel NwoluNo Comments

Elections, Nigeria

CBN Denies Emefiele’s Sacking

The Central Bank of Nigeria has denied the sack of its Governor, Mr Godwin Emefiele, describing the report as an unfounded rumour. It was rumoured on Wednesday morning that Emefiele had been sacked by Nigeria’s President, Muhammadu Buhari, purportedly for his presidential ambition. The Punch had earlier sought clarification from the CBN’s spokesman, Mr Osita Nwanisiobi, but got no response from him. However, several papers are quoting Nwanisiobi as denying the trending report, saying, “I heard it just the way you got it too. As far as I am concerned, it’s a rumour, I’m not aware of any sack.” Recall that Emefiele had, on May 9, headed to a Federal High Court in Abuja to seek a constitutional interpretation on his non-resignation while pursuing his presidential interes...

BREAKING: Court Refuses Emefiele’s Request For Restraining Order Against INEC, AGF

9May

By Obiajulu Joel NwoluNo Comments

Elections, News, Nigeria

BREAKING: Court Refuses Emefiele’s Request For Restraining Order Against INEC, AGF

A Federal High Court in Abuja on Monday refused to grant a restraining order requested by the governor of the Central Bank of Nigeria, CBN, Godwin Emefiele against the Independent National Electoral Commission, INEC, and the Attorney General of the Federation, AGF, on his presidential ambition. Emefiele had, through his counsel, Mike Ozekhome SAN, applied for an order of status quo ante bellum to be made against INEC and AGF so that he would not be made to resign from office until 30 days to the general election. In an ex-parte application argued on Monday, Emefiele denied being a political appointee but a public servant not caught by Section 84 (12) of the new Electoral Act 2022. The CBN governor asked the court to invoke Section 318 of the 1999 Constitution to bar the defen...

CBN Fines Three Banks N800m Over Crypto Transactions

7Apr

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

CBN Fines Three Banks N800m Over Crypto Transactions

CBN The Central Bank of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies. According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc. The report noted that the penalties were part of efforts by the apex bank to ensure that banks implement an order to block trading in cryptocurrencies due to the threat they pose to Nigeria’s financial system. The directive was contained in a circular issued by the CBN in February 2021. In addition, the CBN had in November directed banks to close the accounts of two individuals and a company for allegedly trading in cryptocurrencies. Despite these...

How to Report Your Bank When Displeased – CBN

31Jan

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

How to Report Your Bank When Displeased – CBN

The Central Bank of Nigeria has released a guide for bank customers and others on how and where they can lodge complaints against financial institutions regulated by it. The financial institutions include commercial banks, microfinance banks, primary mortgage institutions, and discount houses. The CBN noted that it had earlier issued a circular directing all banks to expand their existing ATM help desks to handle all types of consumer complaints. Read Also: Beware Of Fake eNaira Social Media Accounts, CBN Warns Nigerians “Therefore, if you have a complaint against your bank, you must first report the complaint at the bank/branch where the issue originated and then allow two weeks (it might be less or more in some cases) for the issues to be resolved,” it said. According ...

12Sep

By Chinedu IbeakanmaNo Comments

Crime, News, Nigeria

CBN Goes After Illegal Users of Its Logo

To check the indiscriminate use of its logo, the Central Bank of Nigeria (CBN) has engaged security authorities to go after those using its logo illegally. The CBN in a statement issued on Saturday in Abuja said engaging the security authorities has become necessary following the circulation of fake news by individuals using CBN circular and logo. CBN’s Director, Corporate Communication Mr. Osita Nwanisobi, in the statement said the move to get culprits who illegally use the CBN logo sanctioned followed the recent fake news making the rounds again that “all Deposit Money Banks, International Money Transfer Operators (IMTOs) and members of the public are to convert domiciliary account holdings into naira.” See Also: FG To Borrow $3 Billion Via Eurobonds In October Nwanisobi stat...

25Jul

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

CBN Comments On Nigerian Banks Safety

The Central Bank of Nigeria, CBN, has allayed the fears in some quarters over the safety of Nigerian banks assuring the safety and soundness of Deposit Money Banks and other financial institutions under its watch. A statement on Saturday said that the Acting Director, Corporate Communications Department of the Bank, Osita Nwanisobi, said this in Abuja ahead of the Monetary Policy Committee meeting on Monday and Tuesday. It stated that he said the Nigerian banking system had proved to be very sturdy in spite of the global challenges posed by the coronavirus pandemic, in response to certain false and unfounded stories circulating in the social media attacking the soundness and safety of some Nigerian banks. According to him, routine bank examination and stress test for financial ins...